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jakeylad2010
New Member
I think you can only draw on what you see really. I had to speak with someone from Select in order to get onto the site and didnt have any problem. I got on twice and had no problem.
The site was very busy and I have plenty of footage and pics with workers in full swing.
I recognise the rest of the island is at a stand still but hey ho long term we have to hope it will deliver. Thats the risk you take on developments like this. My apartment is for my own personal use and as such am prepared to hold long term. I think most have to take this view.
Shiner I'm interested in your comments as my experience and site visit seems roughly the same time but vastly different in outlook.
I'm going back in Oct this year so will be interesting this year as to how things pan out. In reality we have got through the worst and it is still progressing so you have to take positive from that.
I agree totally with you though on this latest update form Select. Lets see what they have to say.
Which block you bought in BTW?
The site was very busy and I have plenty of footage and pics with workers in full swing.
I recognise the rest of the island is at a stand still but hey ho long term we have to hope it will deliver. Thats the risk you take on developments like this. My apartment is for my own personal use and as such am prepared to hold long term. I think most have to take this view.
Shiner I'm interested in your comments as my experience and site visit seems roughly the same time but vastly different in outlook.
I'm going back in Oct this year so will be interesting this year as to how things pan out. In reality we have got through the worst and it is still progressing so you have to take positive from that.
I agree totally with you though on this latest update form Select. Lets see what they have to say.
Which block you bought in BTW?
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Wilma
New Member
Hi
I have 3 studios in the Pacific development in Ras not sure if I have done the right thing with the Payment Plan
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Wilma
New Member
Re completion
I have a couple of studios in Pacific I thought completion was next year september 2011 not in 3 years does anyone know anything about completion dates. Rentals etc.
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dxbobserver
New Member
2 things,
1. im confused about the number of your studios, once you say 3 and now you say a couple!!! which one is it?
2. when richie said about 3 years, if you look at the date, it was probably about 3 years ago so it probably adds up. plus do you not receive updates from the developers. they normally tell you about the completion date!!!!!!!!!!!!!!!!!!!!!!!
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Wilma
New Member
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Wilma
New Member
Investors
Would anybody know how to locate a partner to invest with me I have three studios in Pacific and struggling with the lengthy payment plan as I bought one to flip and then came credit crunch. Any ideas?What got me interested in RAK in general is an advise I received from a guy that I know who works in a treasury department in one of the big corporates here in Saudi. He basically told me that they are investing in RAK with billions worth of AED financing the various constructions going on there (I don’t' think Pacific is one of them). According to him RAK is the next Dubai.
The reason I selected Pacific project is mainly because I felt comfortable with their service level. I made various purchases before in the gulf but nothing beats these guys. The only problem is that they are too efficient and always a head of you in terms of the whole purchase process. I believe prices have already gone up by 4%. That's the info I got but if you are after anything specific let me know I might be able to get for you.
cheers,
Kimo
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Wilma
New Member
3 studios
Sorry I have three studios! Originally wanted only two but bought an extra one to flip and got caught out with the credit crunch! Looking for an investor/partnership to help out with the lenghthy payment plan does anyone know where to look for one?
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Wilma
New Member
Interested in a partnership/investor
They are on the 6, 7 and 8th floor which is great for views.
I am interested in selling a studio or having a partnership with an investor. I have 3 studios in Pacific, Bora bora if you would like more info. contact me on my mobile 07903535581.
They are on the 6, 7 and 8th floor which is great for views.
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Wilma
New Member
Lawyer looked through my contract, a few points
Until then need sellers agreement to sell or assign, seller takes 2%
Emirate law governs contract, First arbitration Second emirate courts
No obligation to complete by 2010 ('best efforts') June 2012 is cut off date
Service charges could be a killer
No right to title
No company number
No vat No.
No Directors???
Any comments anyone
No absolute title until amount paidAfter doing a lot of homework and looking through this thread we have taken the plunge and purchased a 2 bed on the 6th Floor of Bora-Bora, so rather than being a bloodsucking taker from this forum I now hope to be a giver
We have received our contract but I was already fully aware of the points made throughout this thread and therefore there is nothing that causes me any great angst in the conditions stated. Like others I would have liked to see some sort of penalty clause for lost rental after 18 months late completion but then again as other have stated at least there is some sort of redress I suppose.
Did any UK purchaser employ rhe services of a law firm to read the contract prior to signature and if so what did they charge and did they raise a large list of comments. My prior experience of employing the services of a law firm to review a contract for purchase in International City was that I paid £150 for them to run a quick eye over the contract and make a few noises but claim as it was not a contract under direct UK law it looked ok in principal although they were not prepared to raise any objections in writing
The only thing I cannot decide on is whether to go for the SPP or the LPP. I am tempted to go SPP. I will be paying all the instalments out of my UK mortgage facilty at a rate of 6.5% pa whereas it looks like the LPP interst rate is about 8.5% pa. I would appreciate any helpful advise on this point - what did I say earlier about giving
May I wish all other Pacicific Investors from this forum a very profitable adventure in RAK.
Regards,
Bruce
Until then need sellers agreement to sell or assign, seller takes 2%
Emirate law governs contract, First arbitration Second emirate courts
No obligation to complete by 2010 ('best efforts') June 2012 is cut off date
Service charges could be a killer
No right to title
No company number
No vat No.
No Directors???
Any comments anyone
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ajgroupproperty
New Member
samiliar design of al-bandar project (aldar Holding) at AD ALRAHA BEACH. also Due to height restriction - buildings will be only 8 stories now. 2 more buildings will be added.
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bouchama
New Member
Dear all,
anyone has some info about precint5 in mina al arab, rak? Prices;
anyone has some info about precint5 in mina al arab, rak? Prices;
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theammer
New Member
I posted this on another forum forgetting that I also used to post on this one - Doh!!
This is my latest position regarding this Select Property Pacific Development which is turning into a bit of a disaster for most investors to put it mildly. Can I ask if any forum members on this site received an invite to view the island and development in November as I do not know of anyone being selected so far???
I posted this on another forum site earlier today :
Many thanks for the contact details for the legal firm and I have now spoken to them. They have agreed to take a look at my situation on an purely advisory basis at this stage to see if there maybe any basis to take legal action in respect of this development - equally there may not be any basis to pursue legal action in this case.
There is no formal legal binding agreement to represent me at present as I am just seeking an "opinion" at this stage but if they feel from their experiences with the Blu Mirage development that there may be a legal case to pursue can I ascertain if anyone would want to come together to form a class action?
Please be aware that at this point in time I have not instigated any legal action against Select Property as there may be no legal case for them to answer.
This is my latest position regarding this Select Property Pacific Development which is turning into a bit of a disaster for most investors to put it mildly. Can I ask if any forum members on this site received an invite to view the island and development in November as I do not know of anyone being selected so far???
I posted this on another forum site earlier today :
Many thanks for the contact details for the legal firm and I have now spoken to them. They have agreed to take a look at my situation on an purely advisory basis at this stage to see if there maybe any basis to take legal action in respect of this development - equally there may not be any basis to pursue legal action in this case.
There is no formal legal binding agreement to represent me at present as I am just seeking an "opinion" at this stage but if they feel from their experiences with the Blu Mirage development that there may be a legal case to pursue can I ascertain if anyone would want to come together to form a class action?
Please be aware that at this point in time I have not instigated any legal action against Select Property as there may be no legal case for them to answer.
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ningy
New Member
Completion Dates
Has anyone had any of their requests for a completion date, even estimated answered by Select Property? I have been unable to get any clue so far and am being fobbed off.
Has anyone had any of their requests for a completion date, even estimated answered by Select Property? I have been unable to get any clue so far and am being fobbed off.
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Atkinson
New Member
Pacific worries
We have two properties here and are starting to get worried/stressed etc.
We have not heard any completion date - we were not invited to the open day (not that I could have gone).
My concerns are - just what happens if we get to June 2012 with no date - is there any chance of our money back - will that include the interest already paid over?
I have told Select on many occasions that there is not sufficient information being given over.
If there is any action to be taken when we get to June we need many owners to be able to act together. I was thinking of setting up a face book page to try and find more owners.
I am so reluctant to keep paying if we may not get money back or be left waiting even longer for this development to get to producing some sort of return.
I really wanted to stay in this one and see it through and hopefully get the long term benefit - but I am getting nervous. I would really appreciate any info/ideas anyone has.
We have two properties here and are starting to get worried/stressed etc.
We have not heard any completion date - we were not invited to the open day (not that I could have gone).
My concerns are - just what happens if we get to June 2012 with no date - is there any chance of our money back - will that include the interest already paid over?
I have told Select on many occasions that there is not sufficient information being given over.
If there is any action to be taken when we get to June we need many owners to be able to act together. I was thinking of setting up a face book page to try and find more owners.
I am so reluctant to keep paying if we may not get money back or be left waiting even longer for this development to get to producing some sort of return.
I really wanted to stay in this one and see it through and hopefully get the long term benefit - but I am getting nervous. I would really appreciate any info/ideas anyone has.
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theammer
New Member
I have lost total faith in both SG and SP and the only reason I am still in is that is the legal advice I have received to ensure I can take legal action on 1st July 2012 once the sunset date has been passed.
I sent some questions to SG on the advise of my lawyer before Christmas but never even had the courtesy of an acknowledgement let alone a reply. I rang SG to discuss my questions but they kept me on the phone for ages and then, unknown to me at the time, just redirected me to SP. It is patently obvious SG have zero or little concern for the investor but that is just par for the course with SG if you look at their other projects!!
I have also given up calling Giles and Andy at SP because as pleasent as they are they are just towing the company line, as they would be ordered to do, and just continuing to feed us all the usual BS - no one is going to buy or rent these apartments for some years yet!!
My decision is really a simple one. We will have to depart this project at September 2013 regardless of the state of play so do I just walk away now and at least retain £30K payments due by that date, recognising that I have flushed £100K down the toilet, or do we risk staying and see what our position is once the 1st July comes and goes???
GL all and I think we should consider a get together of the UK investors to discuss a collective plan of action although I am not sure what good if any it would do us in this situation.
I live in Glasgow but willing to travel to the most convienient point in the UK if a meeting is held
I sent some questions to SG on the advise of my lawyer before Christmas but never even had the courtesy of an acknowledgement let alone a reply. I rang SG to discuss my questions but they kept me on the phone for ages and then, unknown to me at the time, just redirected me to SP. It is patently obvious SG have zero or little concern for the investor but that is just par for the course with SG if you look at their other projects!!
I have also given up calling Giles and Andy at SP because as pleasent as they are they are just towing the company line, as they would be ordered to do, and just continuing to feed us all the usual BS - no one is going to buy or rent these apartments for some years yet!!
My decision is really a simple one. We will have to depart this project at September 2013 regardless of the state of play so do I just walk away now and at least retain £30K payments due by that date, recognising that I have flushed £100K down the toilet, or do we risk staying and see what our position is once the 1st July comes and goes???
GL all and I think we should consider a get together of the UK investors to discuss a collective plan of action although I am not sure what good if any it would do us in this situation.
I live in Glasgow but willing to travel to the most convienient point in the UK if a meeting is held
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Atkinson
New Member
the default clause
Has anyone had any advice on our position re the default clause. When I read the agreement - it seems to mean that whether or not they claim force majeure there is a possibility of claiming the money back.
What I am not sure of is whether they have to pay back the part of the payment that relates to the interest on the Long Term Payment Plan.
It seems that we ruin any chance of using the default clause if we do not keep making payments - which is going to be painful - paying out to still possibly lose it.
Anyone studied this clause or got advice.
Has anyone had any advice on our position re the default clause. When I read the agreement - it seems to mean that whether or not they claim force majeure there is a possibility of claiming the money back.
What I am not sure of is whether they have to pay back the part of the payment that relates to the interest on the Long Term Payment Plan.
It seems that we ruin any chance of using the default clause if we do not keep making payments - which is going to be painful - paying out to still possibly lose it.
Anyone studied this clause or got advice.
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Atkinson
New Member
Pacific woes
I am slowly working out what choices we have - what we need is a group of Pacific investors as we may all have to make decisions and share advice soon.
We can do nothing until July 1st. We cannot bring a class action, or one action to cover more than one property (if you own more than one) each property will have to bring its own action - so very expensive.
What can possibly be done is to get together and fund a test case, thereby highlighting to developer the way the court is likely to act in further cases. However, developer may not be able to afford to pay back funds.
Other thing we should be considering is that when SP etc. go into default and the contract is technically invalidated, we should seek to renegotiate - with perhaps revised purchase price/interest rate and maybe consolidating two properties into one or into a different development - maybe one that is finished!
The first thing is to get a group of owners/investors together. We seem to have to be prepared to sort this out and hopefully find a way of getting more information from the local area. SP are sanitising the very little information and we have too much at stake to rely on this.
Can anyone with an interest in Pacific - leave a message on here - so I can see if we can get a group of the ground based initially on this forum - any other ideas where we can find owners. I have asked SP to introduce a forum on their website and they do not see this as 'the way forward'.
I am slowly working out what choices we have - what we need is a group of Pacific investors as we may all have to make decisions and share advice soon.
We can do nothing until July 1st. We cannot bring a class action, or one action to cover more than one property (if you own more than one) each property will have to bring its own action - so very expensive.
What can possibly be done is to get together and fund a test case, thereby highlighting to developer the way the court is likely to act in further cases. However, developer may not be able to afford to pay back funds.
Other thing we should be considering is that when SP etc. go into default and the contract is technically invalidated, we should seek to renegotiate - with perhaps revised purchase price/interest rate and maybe consolidating two properties into one or into a different development - maybe one that is finished!
The first thing is to get a group of owners/investors together. We seem to have to be prepared to sort this out and hopefully find a way of getting more information from the local area. SP are sanitising the very little information and we have too much at stake to rely on this.
Can anyone with an interest in Pacific - leave a message on here - so I can see if we can get a group of the ground based initially on this forum - any other ideas where we can find owners. I have asked SP to introduce a forum on their website and they do not see this as 'the way forward'.
waterboy
New Member
@Atkinson, there is a google group for Pacific Owners. I don't have permission to post links here but search for 'Pacific Owners Discussion' and you'll find it. I'd suggest joining and posting your opinion on there.
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Atkinson
New Member
google group
Thanks for this - I tried to join this the other day but have never heard back from them - so assumed it was no longer working. Maybe they just need more time to 'process my application' to join.
Fingers crossed
Thanks for this - I tried to join this the other day but have never heard back from them - so assumed it was no longer working. Maybe they just need more time to 'process my application' to join.
Fingers crossed
